Mint prices changed today

Standard retail markup is 20 to 40 percent, not 300...

 

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IF you want to return, be quick, since they only take return within 7 days after you get the coin.

 

They will probably lower that particular issue 5-8 dollars, by the time you pay for the shipping back, gas to the post office and time you need to ask yourself was it really worth the hassle to save what 2-3 bucks?

 

It's been operated like a private business since the 1990's when the feds mandated many government agencies act as profit centers. The price set in the legislation allows for a profit that covers the operations. Consequently, collectors not only pay for the cost of collectables they purchase, they pay an inflated price to cover the cost to produce coins for commerce, a cost once paid by all taxpayers through taxes, since all taxpayers need coins to pay for financial transactions. But, what the heck, those saved tax dollars were put to good use lowering top tax rates.

 

You can say that again. :yes:

 

This sounds like an opinion. Do you have any specific information that would indicate that collectors are paying for daily mint operations?

 

It's been at least 8 days since I saw that silver was repricing. Kills my seven day return policy reason. Seems like it also took a long time when they raised the prices of silver

 

Agreed. I just kept it since I figured the same, that they would only drop it a few dollars but I would have to pay shipping back anyway.

 

I'll look for something, but it was in the news when Clinton passed the act and it's been reported in Coin World.

 

You can look through their annual report and see where the money comes from, the margins, operational expenses, etc.

 

Here's a link to the Mint's 1999 Strategic Plan (to produce a profit to benefit the American taxpayer). http://www.usmint.gov/downloads/foia/stratplan99.pdf

Here's a link to the mint pricing policy that state their goal is to produce a 15% profit to benefit taxpayers
http://www.usmint.gov/consumer/?action=mintPricing

It was later reported that they were so successful that they received no net taxpayer funds (taxes) and operated solely off of their profits.

 

The links you provided clearly state this only applies to their numismatic business. It does not pay for their general coinage business for circulating common coins.

 

Interesting exchange for certain. :T$:

 

Read it again. It's say they make a 15% profit that goes to the taxpayers (all of us), which has been reported, due to this profit, the cost of Mint operations cost the taxpayers nothing.

 

You ever hear of seiniorage, look it up, that's how the mint makes their profits. To suggest that the mint makes enough profit from collector items to pay for the whole minting operation is laughable.

 

Whatever!

 

I am sure it depends on the industry and prices of the goods. In my position I oversee a retail food store as part of my job. I will tell you for certain the prices charged are 200-300% of the wholesale price paid, (100-200% markup). Also in my job I know what we charge for food, what a wholesaler of ours charges, and what the price in the store is. On small items it is around 150-200%, on larger ones 75-150% markups.

When I was younger I worked in a major computer store. I saw the wholesale prices paid, and on large ticket items it may be only a 30-50% markup, but on smaller items 200-300% is not unheard of.

That is the information I have, and the basis of my post on margins. Again, what percent markups do you think AGE has? 1%? 5%? Still low, hence the nature of my post that its difficult for the mint if collectors expect all gains to be theirs, but all losses to be the mint's.

Chris

 

The latest sales figures are in. Sales of 2011-P Gettysburg 5oz dropped by about 500 units due to cancellations and returns. Uncirculated and Proof ASE sales numbers also declined.

 

The Mint pricing on collector silver is back up today. ASE collector "W" coin down nearly $10 from where it was when I purchased them back in September! Oh well........

 

proof ASE $58.95 and Bunished W Unc $50.95. this should have the ASE 25th set at about $300